BackDemonetisation to further hit Indian economy: P. Chidambaram
Attacking the government over demonetisation, Congress leader P. Chidambaram said the statistics have ‘exposed’ its ‘claims and boasts’
PremiumChennai: With the country’s gross domestic product (GDP) growth being projected to slow down to 7.1%, former union finance minister P. Chidambaram on Saturday said demonetisation will further hit the economy.
Attacking the National Democratic Alliance (NDA) government over the scrapping of high value notes, the senior Congress leader said the statistics have ‘exposed’ its “claims and boasts".
“First the RBI, now CSO (Central Statistics Office) have forecast lower GDP growth. Govt’s claims and boasts exposed," he tweeted. “The GDP growth would be even lower because of demonetisation. One per cent reduction means loss of ₹ 1,50,000 crore," Chidambaram, who had repeatedly been questioning the benefits of withdrawal of ₹ 00 and ₹ ,000 notes, said.
The CSO had on Friday estimated a slow down in GDP growth to 7.1% in current fiscal, from 7.6% in 2015-16 mainly due to slump in manufacturing, mining and construction sectors, the government data showed without factoring in ‘volatile’ post-demonetisation figures.
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